Rayonier (NYSE:RYN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Shares of Rayonier have outperformed the industry it belongs to in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings being revised upward in a month’s time. Notably, the company’s fourth-quarter 2017 results benefited from strong performance of its three timber segments. Rayonier’s portfolio of timberlands reflects geographical diversity and the company is likely to benefit from the developments in biogenetics & cloning that help in fast growth of trees. The company has also upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the nation’s housing sector. However, the company faces competition from its substitutes and other market players in the timberland sector. Further, foreign exchange fluctuations remain a concern for the company. Rate hike and regulatory requirements add to its woes.”
RYN has been the topic of several other reports. Royal Bank of Canada reiterated a “hold” rating and set a $30.00 target price on shares of Rayonier in a report on Friday, January 12th. Citigroup started coverage on shares of Rayonier in a report on Thursday, March 1st. They set a “neutral” rating and a $37.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $34.00.
Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.11. The firm had revenue of $186.30 million for the quarter, compared to analysts’ expectations of $165.73 million. Rayonier had a net margin of 18.64% and a return on equity of 4.96%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. research analysts forecast that Rayonier will post 0.65 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the business. Xact Kapitalforvaltning AB bought a new position in Rayonier during the 4th quarter worth about $378,000. Brookfield Asset Management Inc. grew its holdings in Rayonier by 121.2% during the 4th quarter. Brookfield Asset Management Inc. now owns 100,000 shares of the real estate investment trust’s stock worth $3,163,000 after acquiring an additional 54,800 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in Rayonier during the 4th quarter worth about $2,580,000. Vident Investment Advisory LLC bought a new position in Rayonier during the 4th quarter worth about $374,000. Finally, Jane Street Group LLC bought a new position in Rayonier during the 4th quarter worth about $280,000. Institutional investors own 84.27% of the company’s stock.
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Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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